A study was conducted to determine the relationship between selected preparation factors and the existence of outstanding leadership skills among community college presidents. Surveys were sent to all 147 presidents of public, two-year institutions in the Upper Midwest United States, with 85% (n=125) responding. A peer rating method was used to divide the respondents into an outstanding/leading group and a normative group, while the questionnaire determined respondents' characteristics with respect to the following nine preparation factors: (1) possession of a terminal degree; (2) the specific study of community college leadership as an academic major; (3) an active personal research and publication agenda; (4) specific preparation as a change agent; (5) identification as a community college insider; (6) participation as a protegee in a protegee/mentor relationship; (7) involvement in a peer network; (8) leadership development activities outside of graduate program; and (9) knowledge of technology. The peer selection process identified 17 of the 125 respondents as leading presidents, while an analysis of responses indicated that this group displayed higher rates of having earned a terminal degree, having majored in higher education with an emphasis on community college leadership, publishing and presenting scholarly work, involvement with both peer networks and mentors, and having had non-traditional paths to their presidencies. Includes recommendations and questions for further research. Contains 25 references. (TGI)